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tv   British House of Commons  CSPAN  July 9, 2012 12:00am-12:30am EDT

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>> both chambers of commerce are back in session. the house returns in the afternoon at 2:00 p.m. eastern. it will look at bills on -- the senate also returns at 2:00. they will consider the nomination of a judge to the district court of western tennessee. they will also look at small business taxes. the house live at 2:00 eastern on c-span, and the senate live on c-span 2. during this week paz question time, british prime minister david cameron answer questions on the banking scandal that results -- resulted in a recent resignations, including american banker bob diamond. the opposition leader pressed the prime minister about performing an independent inquiry, but the prime minister
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argued that a public inquiry would be swift and decisive. members challenged the prime minister about holding an eu at referendum on the membership in the european union. this is half an hour. >> i am sure the whole house will wish to pay tribute in the -- to the three servicemen killed in afghanistan. of the first battalion welsh guards. also, leonard thomas. we send our heartfelt condolences to the families of the serviceman killed in this tragic incident. they will never be forgotten by our nation. this morning, i have meetings with ministerial colleagues and
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others. in addition to my duties, i will have further such meetings. >> fiona o'donnell. >> i am sure the whole house will want to extend our deepest condolences to the families of those who were lost earlier. corporation mr. speaker, -- mr. speaker, food prices rose 4% this year. i understand why. so can be prime minister spent a lecture and tell the house what he is doing about food inflation? >> first of all, can i join the honorable lady in what she said about the tornado aircraft accidents. she is absolutely right that our thoughts should be with the friends, family, and the colleagues of those involved. the circumstances remain uncertain, but it is clearly a serious incident. the investigation is ongoing. more details released in due course. it is a reminder of the risk our
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service per for -- personnel taken their undergoing training service. on the issue of food inflation, i would make the point that inflation is now falling, which is extremely good news. in terms of the food inflation, it is obviously absolutely vital that the prices faced by people in our shops are not too hard on their budget, but the way to keep inflation down is to have a responsible monetary policy, which is what we have in our country. [shouting] >> would my right honorable friend agree with me -- there are serious banking hypocrisies that must be dealt with. it is vital that we maintain the central importance of the city of london, but recognize that
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any reforms must not damage that. >> my honorable friend does make an important point. we have got to get to the bottom of what has happened. we have got to do that quickly. but in doing that, we should bear in mind the words of richard lambert, who ran -- who carried out an investigation for the party opposite, who i respect a great deal. he said this. the libor scandal means that the required changes have to be tougher. that is the argument for a short-short inquiry. but going back to square one would be a serious mistake. the rig -- the economy cannot recover in the absence of a stable banking system. that is not the only consideration. we must get to the truth. but we must listen to their opinions as well. >> edward miller band. liband. >> may i join the prime minister in paying tribute to the guardsmen and leonard thomas of
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the royal corps of signals. they died in the most tragic of signals -- circumstances. our hearts go out to those families and friends. i join the prime minister in the response -- remarks he made. mr. speaker, the banking scandal of the last week has shown in the miss selling of insurance products and comes on top of other scandals and the continuing multimillion bonus merry go around. how can we convince people that a parliamentary inquiry is a better way of restoring confidence than a full, friendship, open, just type in the inquiry? -- judge-led inquiry? >> there is no disagreement. this banking scandal is appalling. it is outrageous that homeowners may have paid higher mortgage rates and small businesses hire taxes because of illegal activity in the city. people want to know that crime
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in our banks, crime in our financial services, will be pursued and punished like crimes on our streets. i think, as well as that, being held accountable, they want rapid action to make sure that this cannot happen again. in my view, the most important thing about an inquiry is that it is swift and decisive. as fast as possible, get going as fast as possible, a report as fast as possible, transparent and open at every stage. that is why i favor public parliamentary inquiry rather than a judge-led inquiry. i want to legislate on the starting next year. >> mr. speaker, i understand his concerns about speed, but there are concerns also that the inquiry talked about is far too narrow. concerning the scandal of libor, we know the problem has been much wider. i want any way for a week can agree upon. a two-part, judge-led inquiry on
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the scandal surrounding by poor -- libor. the second part, a much wider area of the culture and practices within the industry. that satisfies his requirements for speed and also the necessary requirements to look at the wider practices in the city. will he agree to my proposal? [shouting] >> i have always listened carefully to proposals from all sides of the house. the bienick three points. first, and the issue of the structure of banking and, the future of banking, we set up the inquiry which reported an will get -- we will implement it, which will for the first time separate investment banking from retail banking. a major step forward. second point, the parliamentary inquiry we are proposing is going to look at the culture of banking. my honorable friend will confirm that. the third point i would make --
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all these points need to be looked at -- is that we are still considering whether to launch a criminal investigation. while that is happening, there are dangers in opting for a judge-led inquiry which might not be able to get under way. if you want to do this as fast as possible, to get action as fast as possible, i think the way we suggest is right. but we clearly have the vote in the house of lords last night -- the house of lords voted against a public inquiry. we have made time available on thursday, which had not happened before -- happened before, for an opposition motion to be voted and then a government motion. what matters more than the process is the substance, getting on with it. i hope we have a vote on thursday. [shouting] >> mr. speaker, we're in the same position one year ago. you rejected the idea of a
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judge-that inquiry into the press panel and then changed his mind. in justifying the decision, he said this. i do not believe there is any better process than an inquiry led by a judge. he went on, pursued by a team of barristers who are experts at finding out the facts. mr. speaker, why is it right to have this just happened that approach for the scandal in the press, but not the scandal in the banks? >> there is a profound difference between the circumstances of the leveson inquiry and this inquiry. lev theeson inquiry -- vthe leveson inquiry followed up on a number of unsuccessful inquiries. in this case, we have had a successful inquiry that has uncovered the wrongdoing. what is required is with
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regulation. >> mr. speaker, i do not think the prime minister has understood the depth of public concern, the debt of the lack of confidence there has been. he says that the inquiry he proposes can be completed within essentials four months, but that it can go as wide as it likes. it is simply not realistic. i have listened to his concerns. i have proposed a way forward. i ask him again, a two-part inquiry with a judge completing on the chancellor table by christmas on libor. then, looking at the wider issues. there are many issues. about the culture. >> i do understand the public concern, which is why i want us
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to get on with it. frankly, it is this government that will legislate to change the banks. it is this government that is scrapping the tripartite agreement that failed so badly. it is this government that increases in the bank levee so banks pay their proper but -- taxes. we have introduced in this transparent regime for bonuses in any financial center in the world. we will see bob diamond treasured upstairs by the treasury select committee this afternoon. what i would say to the honorable gentleman. we're having a vote in the house of commons tomorrow on his motion and a vote on the government's motion. clearly, if the opposition motion wins, there'll be a full, independent public inquiry. i would urge him to say that, if the government motion is carried, he will cooperate with a parliamentary inquiry. [shouting]
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>> mr. speaker, i do not think the prime minister gets it. the depth of public concern. i do hope he will reconsider his position, but he mentions the inquiry and says they are implementing it. i do think -- i do say this to him. the commission said this about the way in which hyde street banks have sold dodgy products to small businesses. they said, that should never be allowed to happen again. but after lobbying by the banks, the government rejected this very basic recommendation. in light of the recent scandal, with small businesses damaged, they now implement -- we want the -- it implemented in full. >> i will not get a lecture in getting it from a party that was in power for 13 years when all
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of these things took place. [shouting] on his specific question about the inquiry, let me repeat, this inquiry will be implemented by this government, something that had not happened before. under the previous inquiry, complex derivatives will be included. they will not be in the retail banks that we will make more safe. let me say this to him. if he wants a quick resolution to this, he must accept the outcome of a vote in the house of commons. i am prepared to do that height --. why isn't he? .> mr. speaker >> government-backbenchers ought to understand that is not the responsibility of the opposition to answer. bishop pike down and be good boys if they can. >> mr. speaker, if you want a --
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history lesson, this is what he told the city of london. it will not surprise you to hear me say that the problem of the past decade is too much regulation. [shouting] [booing] doesn't it say it all about the double standard? whenever the scandals happen, he stands up for the wrong people. the question debar asking, who will act in natural interests rather than party interests? he is a party bankrolled by the banks. if he fails to order a judge-led
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inquiry, people will come to one conclusion. he simply cannot act in the national interest. [shouting] >> mr. speaker, everybody can see what is happening here. [shouting] >> order. i now say it's too opposition- backed benches -- let the answer be heard. >> of the party opposite want to talk about every -- absolutely everything apart from the record of 13 years. mr. speaker, we may have found the higgs boson particle. labor have not found a sense of shame. [shouting] >> today is a hugely significant
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day for british scientists with the announcement of the higgs boso 6000 scientists work worldwide, 700 from the u.k., with a major contribution from the northwest. a constituent of mine at melbourne university lead in the experiment. can the prime minister confirm their commitment to science and the northwest? >> the honorable lady is absolutely right. the immense british contribution to this extraordinary breakthrough -- extraordinary work. it is a big step forward. we should congratulate everybody involved. this government's science budget is, although we've had to make difficult cuts, we have reserved the science budget. >> mr. speaker, the last 15 days
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have witnessed chaos in the ulster bank, which is owned by rbs. government has a major say in what happens. can you give assurance to the 100,000 bank customers that they will have the direct help of the government to address this issue? >> i do not -- what happened is not exceptional -- except will. the financial-services authority has been monitoring this closely. the secretary of state for northern ireland spoke yesterday to the chairman of rbs. they have said they will reimburse any customer for penalty charges or overdraft fees incurred because of these difficulties. >> mr. speaker, to be blunt, my
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constituents are losing faith in their banks. what we need to the prime minister is the reassurance that there will be no more political skeletons in the covered left by the labor party. [shouting] what matters for his constituents and everybody is that we get to the bottom of what happened as quickly as possible. we have had a vote in the house of lords. we will have a vote in the house of commons. then we need to get onto it -- with it to " -- to pass these laws. let's get on with it. >> yesterday, mr. speaker, 117 jobs were lost in my constituency. could the prime minister confirm that the gdp figures last week showed that this government has
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performed worse than expected? and that is because of his government policies? >> i very much regret any loss of jobs, including in his constituency, particularly at a time when we have seen it hundred thousand extra jobs in the private sector. i'm concerned about the economic performance in wales, which over the last decade or more has fallen further behind the united kingdom. -- the rest of the united kingdom. we need to work hard with the welsh assembly government to make sure that we are making wells more competitive. >> a key part of the health bill is that clinical change must be led by clinicians and hastens. -- patients. the majority of consultants have said they have no confidence in the proposed change -- the vast majority of the public share that lack of caen -- confidence. do they have to listen to them?
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>> i confirm that. changes should go ahead. that is how health service should operate. the health secretary will be making an announcement shortly. the good news, if you look across the service, inpatient and out -- outpatient waiting times are down. we have the best performance for patients waiting longer than 18 weeks to be treated. rates of infection are down. the of service is doing well. >> they have been carrying out investigations led by declines into allegations of several banks, including rbs, had been giving invest -- and permission to financial markets. does the prime minister back that investigation? will they backed the need for a full, independent, judge-led
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inquiry? >> there are two important things. we should allow all of the investigative authorities to carry out their investigations and take them wherever the evidence leads them. that is true for the fraud office, for financial services offered. we need to make sure they have the resources necessary to do that. we need to consider the nature of the inquiry. the problem with the suggestion he makes -- as this -- as these are ongoing, it is easier to hold a rapid investigation within parliament then set up one outside of parliament. >> what message would the prime minister sent to the emergency services across the northeast that swung into action so effectively when the region was hit by flooding last week? >> i would say that a huge congratulations and thank you to the emergency services. when i was in west yorkshire, i
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saw the incredible work that was done there. the other thing to notice is that, whenever these things happen, there is incredible coming together of community and social action to help people were flooded out homes. i know that -- i am sure that everybody will help them for what has gone on. >> on the question of the european referendum, is it the policy of the prime minister to be indecisive -- or is he not sure? [laughter] >> i wonder how long in front of the bathroom mirror that went up. there are two things that would not be right. the first is to hold a referendum now. that is not the right approach. i have no idea what his party boss policy is. -- his party's policy is. >> will my right honorable friend agree that central to any reforms of banking must be the point of view of ordinary
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punters. two things. the proposals we are working on to ensure people can move their accounts quickly, cheaply, and easily. secondly, an absolute guarantee that governments never again will bail out banks. >> my honorable friend makes two important points. on the first, being able to move your bank account -- that will be in place later this year. on the issue of bailing out banks, what we need to do is put in place mechanisms of the banks can fail without calling on taxpayers to support them. that resolution, which for 13 years was left untouched, has been dealt with by this government. >> you have a solid -- they have a solid record of destroying jobs dried europe. they have not given any
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resources to this -- when will you allow the electorate in this country do have a referendum on the european union, to decide whether we stay in or get out of that mass? >> we have repatriated one issue -- we got out of the bailout that the last government would have entered. that is saving us billions of pounds. if you take that view, you should be sitting on this house of the side rather than that one. -- this side of the house rather than that one. >> i want to -- five children in my constituency have been involved in accidents in a crossing inside st. peter's school. i would like the prime minister to help me try to get a crossing at st. peter's school.
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>> my honorable friend is right to raise a constituency case like this. sunoco have lost their lives. -- so many people have lost their lives. i will certainly look into it. if i can help him with his case, i would be pleased to do so. >> we got news today that yet another business is going under with local jobs. was the prime minister as pointed as i was with figures that showed lending to small business is down by 1.7 billion? is it not clear now the chancellor's credit easing policies are not working? >> first of all, the credit easing policy will make available 20 billion pounds of extra loans. some of that money is already available. we saw lending to businesses got -- go up in 2011. it is a difficult situation when you have got banks that are very
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nervous about the economic situation, but the treasury, the bank of england, and the agreement -- we are doing all we can to get money out of banks and into our businesses. >> if, as a result of this shameful banking crisis, bank executives dismiss -- are dismissed or forced to resign and the boards of their banks failed to act appropriately, will the government do its best to try to insure that the delinquents are not able to walk away with their bonuses and severance pay? >> he makes an extremely good point. it would be completely wrong if people were leaving under the circumstances were given the vast payout. it would be inexplicable to the british public and would not be right. i very much hope that that does
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not happen. in terms of what the government can do, we will legislate so that all pay deals are put to shareholders in a binding vote. those deals should include any severance payment. the party opposite have 13 years to do. we will do that in two years. >> 13,000 people britain made gains of 100 billion pounds in the times of austerity. why won't the government tax those at the caption no -- capital gains rate, which would generate 1 million or more jobs. a far better way to cut the deficit rather than through failed policy. >> i hate to remind the honorable gentleman that he was a minister in the government were the last capital gains tax rule meant that people in the city were paying less tax than
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at the cleaners were. what we have done is lift the rate of capital gains tax to 20% so we have a more fair system. >> mr. speaker, people recently told that they like to learn together at a primary school. many children in other countries never get that chance. as the chair of the high-level panel on the millennium development co, how will the prime minister restart efforts to insure that all girls and boys are around the world get to go to school? >> my honorable friend raises an important points. the campaign that many of us would have seen in my own -- our own constituencies. it is a brilliant young way -- a brilliant way to teach young people to share responsibility for other people who may not have the response -- advantages they do. our aid is supporting 5.3 million children in primary education.
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by 2014, we hope to up that to 9 million people. the government is playing its part. when all of civil society to join in in this magnificent effort. >> in addition to what the prime minister said earlier in relation to the bank crisis in northern ireland, where businesses are denied basic banking facilities, can the prime minister talked to the hmrc to make sure more flexibility will be shown to businesses in terms of liabilities, so that they can be helped through tax -- a cash flow problems that exist because of problems they could not create? >> i will look at what the honorable gentleman says. rbs has said it will make sure people do not lose out in terms of banking charges. i will discuss that. >> speaker, i welcome the government's commitment to women and girls at the heart of development poli.

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